Inside global black markets: Emmy-winning investigative journalist Mariana van Zeller

July 2, 2026

AI Summary

5 min read

Inside Global Black Markets: Emmy-Winning Investigative Journalist Mariana van Zeller

An estimated 30 to 35 percent of the global economy consists of black and gray markets—what economists call "the hidden third." Yet as Mariana van Zeller points out, news organizations devote enormous resources to analyzing every fluctuation of the legal economy while the illegal economy remains largely unexplored. Van Zeller has spent two decades reporting on these underground worlds, from fentanyl labs in Mexico to scam compounds in Southeast Asia to gold mines funding terrorist organizations in the Sahel. Her approach is not to sensationalize but to understand: she sits down with the people we consider "the bad guys" and asks why they do what they do.

The Path to the Underground

Van Zeller grew up in Cascais, a beach town outside Lisbon, Portugal. At twelve years old, watching Portuguese news anchors discuss world events with apparent mastery, she decided she wanted to be a journalist—not realizing they were reading from teleprompters. After studying international relations in Portugal, she applied to Columbia's journalism school three times. Rejected twice, she flew to New York, knocked on the dean's door, and talked her way in. "It taught me my first big lesson in journalism," she says, "which is persistence."

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What you'll learn

1 (00:00) **Episode Introduction & The "Hidden Third" Definition** - Host Michelle Toh introduces Mariana van Zeller, setting up the conversation on global black markets.
2 (03:00) **Origin Story: From Portugal to Persistence** - Mariana recounts her early inspiration and the pivotal lesson of persistence that launched her journalism career.
3 (06:47) **The 9/11 Catalyst: Pursuing the "Why"** - Covering 9/11 as a student changed Mariana's journalistic focus from "how" to "why," setting her on the path to black markets.
4 (09:59) **The First Black Market Story & Staying Committed** - Mariana describes her entry into black market reporting and the challenges of staying in investigative journalism.
5 (13:25) **Attraction to the "Underbelly"** - Mariana explains why she is drawn to stories of the underground economy.
6 (15:21) **Inside the Production of "Trafficked"** - A breakdown of the immense effort, time, and legal scrutiny required to produce a single episode of her Nat Geo series.
7 (20:13) **Hard Walls and Unsung Heroes** - Mariana discusses countries that are off-limits and the critical role of local journalists.

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Show Notes

“An estimated 30-35% of the global economy are black and gray markets.” That’s the world our next guest, Mariana van Zeller, has spent years investigating. From online scam centers to black-market oil, the Peabody Award-winning journalist has built a career going where few reporters can. "Trafficked" — her hit Nat Geo series — regularly breaks records at the Emmys. In this conversation, we dive into: 00:00: Introduction 01:18: The "hidden third" of the global economy 02:15: Growing up in Portugal and the path to journalism 03:50: Fighting her way into Columbia University 05:56: Covering 9/11 and finding her calling 09:20: Reporting from Syria and entering the world of black markets 14:34: How "Trafficked" is made 17:09: Navigating danger and censorship

22:23: Dream story 23:17: Her toughest story and most dangerous assignment 34:08: Why her sources agree to be interviewed, even if it could implicate them 36:47: What actually reduces crime 40:17: Why "Trafficked" ended despite its huge popularity — and what's next, including "The Hidden Third" podcast 44:55: Audience question: How to distinguish a good story from a great one 46:01: Rapid-fire round 🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes Thursdays. 👇🏼 SUBSCRIBE + FOLLOW: - YouTube: https://bit.ly/YTBTB - Apple Podcasts: http://bit.ly/3IFGuIA - Spotify: https://bit.ly/SpotiBTB - Amazon Music: http://bit.ly/4pPZZPp 🎙️About Behind the Business Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday. About Michelle Toh Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

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